Posted on: 07th Jun, 2009 09:31 am
If my partner (co-owner) and I (owner) own our home in joint tenancy with right of survivorship (we still have a mortgage)and one of us wants to take out an equity loan / HELOC against the property, can one of us do this without the other's consent? Or, would both individuals (adults) have to sign the documents?
Hi sennome!
Welcome to forums!
As both of you are the owners of the property, you cannot take the loan without your partner's consent. You'll have to inform your co-owner about the loan. If you want to take the loan in your name, then you don't need the co-owner's signatures. You can sign the loan documents alone.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As both of you are the owners of the property, you cannot take the loan without your partner's consent. You'll have to inform your co-owner about the loan. If you want to take the loan in your name, then you don't need the co-owner's signatures. You can sign the loan documents alone.
Feel free to ask if you have further queries.
Sussane